Cocoa floats well: Hotel Chocolat reports rising revenue and profits after IPO October 19, 2016 Hotel Chocolat has reported growing revenue and profits in its preliminary results after listing on the London Stock Exchange this year. The figures Revenue for the period to 26 June came in at £91.1m, up 12 per cent from £81.1m in 2015. Pre-tax profit, meanwhile, was up from £2.9m to £8.2m, and earnings before interest, [...]
Gap is closing down all of its UK Banana Republic stores October 18, 2016 Gap has said it will be closing all eight of its Banana Republic stores in the UK as part of a global re-evaluation. The retailer will be focusing its attention on North America, after announcing in May that it was reassessing the overseas presence of Banana Republic, which has suffered falling sales. Net sales in [...]
Wine prices could go up by more than 29p a bottle due to Brexit October 18, 2016 Wine from the EU could increase by an average of 29p per bottle as a direct result of Brexit, drinkers have been warned. The latest statistics from the Wine and Spirit Trade Association show that an average bottle coming from within the EU could go up by 29p, and those from outside the EU could go [...]
Philip Morris chokes as cigarette volumes shrink October 18, 2016 Cigarette firm Philip Morris has beaten bottom line Wall Street expectations in its third quarter, posting a profit of profit of $1.94bn (£1.57bn). However, cigarette volumes choked, dropping by more than five per cent. The numbers The firm reported diluted earnings per share of $1.25 for the third quarter, which were flat versus 2015. Net revenues hit $19.9bn, up by 2.6 [...]
Asos to move employees onto a higher living wage in the next 18 months October 18, 2016 Hitting back at accusations that it mistreats workers, Asos said today it will be moving employees onto the living wage foundation level of pay over the next year and a half. The Living Wage Foundation sets a separate minimum wage for employers that companies opt-in for. Currently, companies in the scheme pay a minimum of £8.25 [...]
Skyscanner believed to be considering sale or IPO October 18, 2016 UK unicorn Skyscanner is believed to be exploring a sale or flotation. The travel search company was valued at £1bn in January when it raised $192m (£158m) from five investors in a financing round. Read more: Investment lets 'unicorn' Skyscanner accelerate its global expansion plans Founded in 2003, Skyscanner employs 770 staff, with offices in Edinburgh, Glasgow, [...]
Sir Philip Green lashes out at MPs over “bizarre” report that branded him the “unacceptable face of capitalism” October 18, 2016 Sir Philip Green has published a report from a top lawyer that criticises MPs for branding him the "unacceptable face of capitalism". The 82-page report from Lord Pannick QC, a human rights lawyer, says the joint select committee inquiry into BHS made conclusions that were "bizarre" and "unsupportable". Read more: Sir Philip Green hires top lawyer to [...]
Gear4music proves that buying musical instruments online is the way to go October 18, 2016 Shares in Britain's largest online musical instrument retailer fell by two per cent despite posting half-year results that showed it had grown revenue and profit by over 70 per cent. The numbers Aim-quoted Gear4music's revenue increased from £12.5m to £21.6m with gross profit rising from £3.3m to £5.8m. The company's gross margin percentage – the percentage of [...]
Amaya tells Will Hill shareholder where to stick its Ebitda cash conversion October 18, 2016 Canadian online gambling company has hit back at William Hill shareholder claims about its business after merger talks between the companies collapsed. Last week, after Will Hill confirmed talks between the companies, the UK company’s largest shareholder, Parvus Asset Management, said a deal would have “limited strategic logic and would destroy shareholder value”. Read more: [...]
Take that, Aldi: Tesco gains market share for the first time in years but Morrisons, Sainsbury’s and Asda decline further October 18, 2016 It looks like Tesco is beginning to win the battle of the supermarkets, after new figures showed it won supermarket share in the last three months – for the first time in five years. Figures by Kantar Worldpanel showed Tesco increased sales by 1.3 per cent in the 12 weeks to 9 October, which pushed its [...]